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20121222
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Search Results 0 to 9 of about 10 (some duplicates have been removed)
, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
insurance for two million americans and lays the groundwork for further work on both growth and deficit reduction. >> jared, is this actually a setback for the president in so far as the embarrassed speaker with someone at least with whom he was dealing? and now, the president really doesn't have a negotiation partner? >> i do think it's a setback from the nation because the president and speaker boehner were actually moving to a credible, plausible compromise at the very beginning of the week. of course, that's horribly off track now when john boehner decided to go to plan b. i think the president's lever raj, if anything, is enhanced by this. the problem is that i don't know why republicans would nibble at this idea of essentially passing the senate bill. that's what he was describing today. sometime before the end of the year. then they can have a massive tax cut for the broad, middle class and call it a day. >> the prospect of a grand bargain is absolutely gone for the near turn. there's no way they can craft that in the few days that they have between now and the end of the year. t
-class families that are already facing a real financial panic. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president reach a deal. if they don't reach a deal on december 31, which is my prediction, i believe sometime before the end of january, they will reach a deal. but my goodness. one of the things that is frustrating is we have known this day was coming for the last two years. yet here we are, 72 hours away and we don't have a resolution. gregg: this is a contrivance that they are desperately trying to fix. our member the president said in a debate, the debate, he said that i didn't come up with this. then bob woodward came out and said, yes, you did. you know, both
program run a billion deficit in 2012 . as the program brought in over 725 billion in cash and spent more than it earned it is costing 773 billion. >> julia: and you are surprised. benefits reached over 8 million and 820,000 in increase in november . so something shady is going on here. >> you used the word shady . i think that is a pretty good word to use. definition of who is disabled is expanded over the yearrs and recently, as you have a massive rise in unemployment and work force clinking and clearly some people are taking the disability option as opposed to staying in the work force. you can call it shady or financially unfortunate but it is happening. we never had as many people on disability ever before. >> clayton: republicans have a look at entitlement programs and we are trying to reign in the excessive spending. >> there are no serious cuts from president obama. there is serious effort at reforming. medicare and medicare. a lot of people don't say social security is enment. it is an insurance program. but it is enormous amount of money flowing out than in and it is getting wor
their deficit and we cannot, the world will switch to euros. there is a tweet here -- guest: the cbo is supposed to be a political, but it cannot be too alarmist. if we go over the cliff, we are looking on january 1, some of this is already milton. about $600 million -- $650 billion in spending cuts and tax increases. that is about 4% of gdp. that is an enormous negative stimulus. a detraction from demand. that would surely be a deep recession. the cbo relies on simulation models that did not take into consideration investor sentiment, the reaction of consumers, and so forth that they wholly lose confidence in their government. if we go over the cliff and stay there, people will start to conclude that washington cannot manage its affairs. all bets are off on economic modeling. it is impossible to say what happened that other than it would be very negative. host: one piece that you actually did right has this headline -- take the idea of a recession next year. with the perspective of everything else going on, when a recession look like? guest: it depends on how we get there. if we have a fiscal c
's the longer term federal deficit and then the shorter term impact on the economy. we'll have that first, right? the markets will go down and economic confidence will continue to slide. money will be taken out of the economy. so there's an economic impact right now. why should they deal with this crisis when the bigger crisis they couldn't come together tlen. sorry starbucks. they didn't come together before either. what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling
a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing for the same customers with the same merchandise and they know they need to offer competitive prices in order to get your business. >> online a mobile shopping makes it easier for people to make sure they're getting the best deal. so retailers offering some policies this season. >> this is a great tool for price comparing. >> if it's a major purchase and expensive, tax adds up. so... i check just before to make sure i'm not getting ripped off. >> for the first time, many retailers launched price matching programs online and in their store autos if retailers don't do this, they're just not going to be able to compete. so it's an act of desperatio
, who are providing us also with the means to float the deficit. these are the people providing a lot of our financing. well, at some point if this goes on long enough, they begin to think, hold it. >> who's writing a lot of our financing? >> mainly foreign governments as well as markets. holding on to treasuries and the rest. so the question, then, at some point do they go, hold it. if these guys aren't serious, why am i depending upon them so much? and the scariest single scenario is ultimately people start saying before i continue to float the united states, i want to get a slightly higher return to take -- in order to -- because of this risk. because of this uncertainty. that is the day the spiral begins because that's the day mr. bernanke and his colleagues have to think about raising rates in order to attract the necessary financing. we don't want to get there. and what's so scary about this twofer of the cliff and the debt ceiling over the next two months, basically till the end of february, is for the rest of the world looking at us, we essentially have -- it's not so much nex
a little bit more in taxes to help reduce the deficit. it was rejected by his own party, and so then he sent his members home on vacation. i'm over on the senate side right now, they are in session. speaker boehner let the house members go, so first he walked out of the talks with the president, and then he sent everybody home on vacation. obviously we need to have compromise. the senate bill that passed out of the senate many, many weeks ago had compromise. it was passed by republicans and democrats. all we're asking is that speaker boehner hold a vote on that bill. i don't know why he's afraid to even hoet a vote. hold a vote. that is allowing the process to work, allow democrats and republicans in the house to dash. gregg: he said they already voted on a plan to extend all the tax cuts. >> but they had a vote in the senate on that plan and they voted it down, and then on a bipartisan basis they passed another bill. gregg: 0 out of time. thanks for taking a few moments to be with us. it's good to be with you. chris van hollen. patti ann: former president george h.w. bush remains in in
Search Results 0 to 9 of about 10 (some duplicates have been removed)